529 research outputs found
Sovereign Wealth Funds’ Internationalization Strategies: The Use of Investment Vehicles
Full text linkIn this paper, we examine the strategies used by sovereign wealth fund (SWF) investments in their cross-border investments. We investigate how SWFs internationalize their activities, specifically whether the use of investment vehicles as signal of passive investment approach to access foreign markets is influenced by SWF- and deal-specific characteristics and the presence of bilateral trade agreements between the SWFs and the target country. Our probit and multinomial logit estimates show that fund opacity, fund politicization, strategic industry targets, and majority ownership choices lead to a more likely use of vehicles, while bilateral trade agreements negatively affect such investment strategy. We also find that fund opacity increases the likelihood to use SWF-controlled vehicles, while fund politicization, strategic industry targets, and majority ownership choices increase the likelihood to use a corporate vehicle. Bilateral trade agreements reduce the use of corporate vehicles. Our results also indicate that politicized foreign SWFs are more likely to invest through vehicles located in third countries. On the other hand, when strategic industries are targeted, investment vehicles are likely to be located in the target country. Our results control for SWFs’ strategic goals, SWF experience (reliance on external managers or advisors, fund size), type of funding sources, crisis period, deal-specific effects, and legal and institutional differences across countries and over time
Cross-Border Innovation in a Changing World: An Overview and Perspective on Future Developments
No full textBridging perspectives from complementary research streams, this chapter offers an overview of the cross-border innovation phenomenon and argues that in recent decades it has not only increased in intensity, but also changed qualitatively. The authors submit that a comprehensive understanding of these profound transformations calls for a renewed research effort that should simultaneously address the evolution of players, places, and policies. The chapter reviews the contributions offered in this book in relation to these cross-border innovation building blocks and proposes future lines of research
About our meetings with V.G. Petrenko
No full textThe meetings and collaboration of the author with untimely deceased V.G. Petrenko are discussed in the note
About our meetings with V.G. Petrenko
Full text linkThe meetings and collaboration of the author with untimely deceased V.G. Petrenko are discussed in the note
Global City Locations and the Geographical Reach of Knowledge Networks
Full text linkFirms often establish knowledge linkages to geographically dispersed locations in order to source diversified knowledge. Yet, not all locations offer the same opportunities for knowledge sourcing. This study investigates the relationship between global city locations and the spatial distribution of knowledge networks linked to China. Building on previous literature suggesting that global cities exhibit both properties of local clustering and global bridging, we investigate whether the leverage of global city locations is associated with lower or higher spatial distribution of knowledge networks. Using data on the full sample of USPTO pharmaceutical patents granted between 1975 and 2010 and linked to China, our results show that, consistent with the idea of a prevailing agglomeration mechanism, global city locations are associated with a lower geographical dispersion of inventor networks. However, this relationship is contingent on both the global city profile and the characteristics of the innovative organization that coordinates the knowledge network
What are the most promising conduits for foreign knowledge inflows? Innovation networks in the Chinese pharmaceutical industry
Full text linkWe study innovation networks in emerging markets, where foreign actors have been identified as key sources of knowledge spillovers as well as progenitors of industry clusters. Focusing on connectivity as a channel for international knowledge sourcing, we widen our lens beyond multinational enter- prises (MNEs) to include critical innovative actors such as research institutions (i.e. universities and research centers). We examine the geographic dispersion of co-inventor networks generated by US patents associated with the Chinese pharmaceutical industry. Previous research has highlighted the role of organizationally driven MNE networks as enablers of foreign knowledge inflows to less de- veloped countries. However, our results emphasize the critical role of individually motivated networks arising from advanced economy research institutions in connecting China to global knowledge networks
Connectivity and the Location of MNEs Across the Value Chain. Evidence from US Metropolitan Areas
Full text linkMultinational enterprises (MNEs) need to efficiently orchestrate a geographically fragmented network of cross-national operations. Among the different spatial features determining MNEs location choices, international connectivity plays a pivotal role as favors coordination and access to global networks. We unpack the broad concept of ‘international connectivity’ by analyzing how its different dimensions attract the location of different activities of MNEs across the value chain. Empirical findings based on a sample of 1,456 investments projects over the period 2009-2014 in US Metropolitan Statistical Areas, reveal that the knowledge-based international connections are a driving factor for R&D-related location decisions, whereas a higher level of goods connectivity attracts the location of manufacturing activities. Instead, the location of multinational headquarters is positively influenced by connectivity offered by the presence of advanced producer services
Sourcing Technological Knowledge Through Foreign Inward Licensing to Boost the Performance of Indian Firms: The Contingent Effects of Internal R&D and Business Group Affiliation
Full text linkSourcing technological knowledge from abroad is becoming a popular strategy among emerging market firms (EMFs). Combining the Knowledge-Based View and the Resource Dependence Theory, we argue that augmenting technological knowledge through foreign licensing enables EMFs to access state-of-the-art technological knowledge, reduce operational costs and risks associated to the innovation process, and develop a knowledge-based competitive advantage, ultimately boosting their financial performance. Using data about Indian firms observed from 2001 to 2013, we find that firms with a higher share of foreign inward technology licenses report better financial performance. However, the positive impact of technological knowledge accessed through inward licensing on firm performance is contingent upon: (1) the internal knowledge developed through R&D activity, and (2) the affiliation with business groups. While Indian firms with higher level of internal R&D are able to better leverage the value of foreign technological knowledge, thus reaching higher performance, firms affiliated to business groups gain fewer benefits from licensed foreign technological knowledge than non-business-group affiliated firms
Exploring the international connectivity of Chinese inventors in the pharmaceutical industry
Full text linkThis paper explores the integration of emerging countries into the global system of innovation, as a channel for their technological catch-up. Using data on the innovative activity in the Chinese pharmaceutical industry, we analyze the geographic dispersion of inventor networks linked to China, as a function of the characteristics of the innovative actors that coordinate their inventive work
Experimental poetics of “The adventures of the Electric Harlequin” by V.G. Shershenevich: the genre features
No full textThe article is devoted to the genre features in the insufficiently explored work "The Adventures of the Electric Harlequin" by imaginist V.G. Shershenevich. The author of the article identifies the signs of the commedia dell'arte, the tragic farce, the farcical action, the "drama for reading", the elements of poetry and drama. The author concludes syncretic nature of genre in this work
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